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05Aug

DAILY TECHNICAL ANALYSIS FOR AUGUST 05, 2022

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EUR/USD

Current level – 1.0236

The bulls prevailed and managed to violate the resistance at 1.0210. During the early hours of today’s session, the pair is still trading the aforementioned level and the expectations are for a test of the important level at 1.0269. A successful breach here could lead to a continuation of the recovery and a move towards the levels at around 1.0400. If the bullish momentum fades, then the first target for the bears can be found at the zone of 1.0210, which is now acting as support. A breach of the lower zone at 1.0125 will mark the current move as a corrective one and could deepen the decline towards the support at 1.0049. Today at 12:30 GMT, traders will focus their attention on the data on the non-farm payrolls and the unemployment rate.

USD/JPY

Current level – 132.95

The attack on the support at 132.52 was not successful and the currency pair consolidated above the mentioned level. If the buyers prevail, then they could easily head the price for a test of the resistance zone at 134.59. A confirmed breach will most likely continue the recovery for the dollar against the yen and could pave the way for an attempt for a violation of the target at 135.72. If the bears re-enter the market, then the most likely scenario would be for a new successful test of the zone at 132.52, which could lead to a decline towards the low at 130.68.

GBP/USD

Current level – 1.2138

Neither the bears, nor the bulls managed to gain enough momentum and the Cable remains locked in the zone between 1.2101 and 1.2186. A successful attack for the buyers on the resistance at 1.2186, followed by a violation of the upper level at 1.2276, could strengthen the positive expectations for the future path of the GBP/USD and could lead to a rally towards the levels from June 2022 at around 1.2600. If the bears seize control and breach the lower border at 1.2101 istead, then they could test the next target at 1.2021, where a successful breach could easily deepen the sell-off and lead to a move towards the important support at 1.1922.

Gold price approaches the target 

Gold price shows additional positive trades to approach our waited target at 1802.80, organized inside the intraday bullish channel that appears on the chart, which supports the chances of breaching the mentioned level to achieve additional gains that reach 1831.95.

Therefore, we will continue to suggest the bullish trend for the upcoming period supported by the EMA50, noting that the continuation of the bullish wave requires holding above 1779.25 and the most important above 1755.70.

The expected trading range for today is between 1775.00 support and 1810.00 resistance.

The expected trend for today: Bullish

Source:Technical analysis

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